RATING RATIONALE
08Oct2021

RattanIndia Power Ltd.

Brickwork Ratings reaffirms the ratings for the Bank Loan Facilities of Rs. 7617.99 Crs. of RattanIndia Power Ltd. based on best available information, as the issuer did not cooperate.

Particulars
Facilities** Amount (Rs.Crs.) Tenure Rating#
Previous Present Previous
(05 Oct 2020)
Present
Fund Based 6747.99 6747.99 Long Term BWR D / Issuer Not Cooperating
Reaffirmed
BWR D
Reaffirmation/ISSUER NOT COOPERATING*
155.00 155.00 Short Term BWR D/ Issuer Not Cooperating
Reaffirmed
BWR D
Reaffirmation/ISSUER NOT COOPERATING*
Non Fund Based 715.00 715.00 Short Term BWR D/ Issuer Not Cooperating
Reaffirmed
BWR D
Reaffirmation/ISSUER NOT COOPERATING*
Grand Total 7617.99 7617.99 (Rupees Seven Thousand Six Hundred Seventeen Crores and Ninety Nine lakhs Only)
#Please refer to BWR website www.brickworkratings.com for definition of the ratings
**Details of Bank Loan facilities,consolidation or instruments are provided in Annexure
*Issuer did not cooperate; based on best available information.


RATING ACTION / OUTLOOK / NATURE OF NON-COOPERATION

Brickwork Ratings has reaffirmed the rating of the bank loan facilities at BWR D and the ratings to continue under the ‘ISSUER NOT COOPERATING’ category due to the continued non-cooperation by the issuer.

The review of the rating was due in Oct 2021. BWR took up with the issuer to provide the required information over mail. Despite the best efforts of BWR to get at least the minimum required business and financial information and documents for a review, the issuer has not provided the same. In the absence of adequate information and contact details from the issuer, BWR is unable to assess the issuer’s financial performance and its ability to service its debt and maintain a valid rating.

LIMITATIONS OF THE RATING

Information availability risk is a key factor in the assessment of credit risk as generally, non-cooperation by the rated entities to provide required information for a review of the assigned rating may also be accompanied by financial stress. Users of the credit rating should therefore take into account the possible deterioration in the credit quality of the rated entity arising from its non-transparency and withholding of information required for a review of the rating.

ABOUT THE ENTITY

RattanIndia Power Ltd. (RIPL or “the company”), incorporated in October 2007, operates Amravati Thermal Power Project at Amravati district, Maharashtra. The total capacity of the plant is 2,700 MW comprising of two phases of 1,350 MW each. Phase I of the project with installed generation capacity of 1350 MW (5*270 MW) was completed in March 2015. Phase II of the project is currently stalled due to uncertainties associated with the PPA. Brickwork Ratings has also rated RattanIndia Power Ltd.’s Phase II (Amravati) project at BWR D, which is treated as a separate rating on account of the ring-fenced cash-flow mechanism prescribed by the lenders for the said project. The Company has commissioned a capacity of 2,700 MW (Amravati and Nasik Phase I each of 1350 MW). Amravati plant is supplying power to MSEDCL thorough a 25-year long term PPA for supply of 507 MW power.

KEY FINANCIAL INDICATORS

Please refer to the following link for the previous detailed rationale that captures the Key Financials Drivers and their Description, Liquidity Position. Rating Sensitivities, Key Financial Indicators.

NON-COOPERATION WITH PREVIOUS CREDIT RATING AGENCY

NA

RATING HISTORY FOR THE PREVIOUS THREE YEARS (including withdrawal and suspended)
Facilities Current Rating  (2021) 2021 (History) 2020 2019 2018
Type Tenure Amount
(Rs.Crs.)
Rating Date Rating Date Rating Date Rating Date Rating
Fund Based LT 6747.99
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
05Oct2020
BWR D/ Issuer Not Cooperating
(Reaffirmed)
22Aug2019
BWR D/ Issuer Not Cooperating
(Reaffirmed)
02May2018
BWR D/ Issuer Not Cooperating
(Downgraded)
Fund Based ST 155.00
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
05Oct2020
BWR D/ Issuer Not Cooperating
(Reaffirmed)
22Aug2019
BWR D/ Issuer Not Cooperating
(Reaffirmed)
02May2018
BWR D/ Issuer Not Cooperating
(Downgraded)
Non Fund Based ST 715.00
BWR D
(Reaffirmation/ISSUER NOT COOPERATING*)
NA
NA
05Oct2020
BWR D/ Issuer Not Cooperating
(Reaffirmed)
22Aug2019
BWR D/ Issuer Not Cooperating
(Reaffirmed)
02May2018
BWR D/ Issuer Not Cooperating
(Downgraded)
Grand Total 7617.99 (Rupees Seven Thousand Six Hundred Seventeen Crores and Ninety Nine lakhs Only)
COMPLEXITY LEVELS OF THE INSTRUMENTS - Simple

BWR complexity levels are meant for educating investors. The BWR complexity levels are available at www.brickworkratings.com / download / ComplexityLevels.pdf. Investors queries can be sent to info@brickworkratings.com.

Hyperlink/Reference to applicable Criteria
Analytical Contacts

Anshul Nagar

Senior Rating Analyst Board : +91 11 2341 2232 anshul.n@brickworkratings.com

Vipula Sharma

Director - Ratings Board : +91 80 4040 9940 vipula.s@brickworkratings.com
1-860-425-2742 | media@brickworkratings.com
RattanIndia Power Ltd.
ANNEXURE-I
Details of Bank Facilities rated by BWR
SL.No. Name of the Bank/Lender Type Of Facilities Long Term(Rs.Crs.) Short Term(Rs.Crs.) Total(Rs.Crs.)
1 Axis Bank Ltd. Term LoanOut-standing 207.05 _ 207.05
2 Axis Bank Ltd. Cash CreditOut-standing 65.00 _ 65.00
3 Bank of India Term LoanOut-standing 379.51 _ 379.51
4 Bank of India Cash CreditOut-standing 75.00 _ 75.00
5 Bank of India Bank GuaranteeOut-standing _ 150.00 150.00
6 Canara Bank Term LoanOut-standing 223.72 _ 223.72
7 Canara Bank Cash CreditOut-standing 35.00 _ 35.00
8 Canara Bank Bank GuaranteeOut-standing _ 100.00 100.00
9 Central Bank of India Term LoanOut-standing 217.93 _ 217.93
10 ICICI Bank Term LoanOut-standing 94.00 _ 94.00
11 IndusInd Bank Bank GuaranteeOut-standing _ 200.00 200.00
12 Life Insurance Corporation of India Term LoanOut-standing 202.90 _ 202.90
13 Others Cash CreditOut-standing 135.00 _ 135.00
14 Others Term LoanOut-standing 749.13 _ 749.13
15 Others Term LoanOut-standing _ 155.00 155.00
16 Others Term LoanOut-standing 1816.74 _ 1816.74
17 Punjab National Bank Term LoanOut-standing 374.50 _ 374.50
18 Punjab National Bank Cash CreditOut-standing 215.00 _ 215.00
19 Punjab National Bank Bank GuaranteeOut-standing _ 165.00 165.00
20 RBL Bank Bank GuaranteeOut-standing _ 100.00 100.00
21 State Bank Of India (SBI) Term LoanOut-standing 1000.36 _ 1000.36
22 State Bank Of India (SBI) Cash CreditOut-standing 340.00 _ 340.00
23 Syndicate Bank Term LoanOut-standing 150.78 _ 150.78
24 UCO Bank Term LoanOut-standing 255.83 _ 255.83
25 United Bank of India Term LoanOut-standing 175.54 _ 175.54
26 United Bank of India Cash CreditOut-standing 35.00 _ 35.00
Total 6747.99 870.00 7617.99
TOTAL (Rupees Seven Thousand Six Hundred Seventeen Crores and Ninety Nine lakhs Only)
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